NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Bubbles in Prices of Exhaustible Resources

Boyan Jovanovic

NBER Working Paper No. 13320
Issued in August 2007

---- Acknowledgements -----

I thank Peter Rousseau and Victor Tsyrennikov for discussion and for helping organize the data. Thanks also to David Ashmore at Liquid Assets, Simon Berry, Guillaume Daudin, Pete Duffy, Lynda McLeod at Christies Archives, Ana Maria Santacreu and Alan Taylor-Restell for help with the data, Orley Ashenfelter, Robert Bohr, Dennis Foley, Lu Han, Hiroyuki Kasahara, John Leahy, Steven LeRoy, Robert Lucas, Alejandro Rodriguez, Manuel Santos, Chris Shipley, Larry Stone, Ivan Werning and Michael Woodford for comments, and the NSF for support. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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